The IOOF Limited (ASX: IFL) share price is up 8.5% to $5.10 today as the funds administration and financial advice business continues to work through APRA's shock demands that its ex-chief executive officer, chairman, and several other senior members of management are disqualified from working on APRA regulated entities.
This and other demands made by APRA on IOOF's license conditions sent the IOOF share price around 40% lower over just the course of one month.
However, today the IOOF share price is moving higher potentially because it announced last week that it has agreed a formal plan and target completion dates for remediation for the issues APRA raised where it acts as the regulator for IOOF subsidiaries.
IOOF has also appointed an acting chairman and CEO after its prior incumbents agreed to step aside at least while the business attempts to work through resolutions to the regulator's demands.
IOOF is also still in the process of buying the OnePath financial advice business from Australia & New Zealand Banking Group (ASX: ANZ) for more than $1 billion. However, this deal is now reported to be under a cloud in the wake of the APRA revelations.
